H.R. 3700 was passed by the U.S. House 427-0. Despite passing the House with no objections, the U.S. Senate has not acted on H.R. 3700.
This legislation provides significant benefits to taxpayers, homebuyers and the real estate market by:
- Removing a burdensome and expensive FHA Condo approval process
- Reducing FHA restrictions on the number of condos available to homebuyers
- Permanently streamlining Rural Housing Service loan processing
More Information on NAR’s efforts to pass H.R. 3700:
- Letter Urging the Senate to Pass H.R. 3700
- NAR testified last year in support of H.R. 3700 before the U.S. House Financial Services Subcommittee on Housing and Insurance.
- House Passage Press Release
S. 3083 is the Senate companion bill that mirrors the House version, H.R. 3700.